Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of Disaggregation of Revenue

In the following table, revenue is disaggregated by primary geographical market, major product line, and timing of revenue recognition.

 

In thousands of US dollars ($)   Year Ended
December 31,
 
Primary geographical markets   2020     2019  
North America     844       1,111  
Europe     88       145  
Asia     289       554  
      1,221       1,810  

 

    Year Ended
December 31,
 
Major products/services lines   2020     2019  
Hardware     568       713  
Consumables     205       298  
Contract research services     193       543  
Sample preparation accessories     116       82  
Technical support/extended service contracts     96       116  
Shipping and handling     29       41  
Other     14       17  
      1,221       1,810  

 

    Year Ended
December 31,
 
Timing of revenue recognition   2020     2019  
Transferred at a point in time     978       1,228  
Transferred over time     243       582  
      1,221       1,810  

Schedule of Contract Balances

Contract balances

 

In thousands of US dollars ($)   December 31, 2020     December 31, 2019  
Receivables, which are included in ‘Accounts Receivable’     131       229  
Contract liabilities (deferred revenue)     67       41  

Schedule of Future Related to Performance Obligations

The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period.

 

In thousands of US dollars ($)   2021     2022     Total  
Extended warranty service     47       20       67  
Schedule of Inventories

The composition of inventory as of December 31, is as follows:

 

    2020     2019  
Raw materials   $ 217,682     $ 167,189  
Finished goods     717,581       793,023  
Inventory reserve     (342,496 )     (342,496 )
Total   $ 592,767     $ 617,716  
Schedule of Customer Concentration Risk Percentage

The following table illustrates the level of concentration of the below two groups within revenue as a percentage of total revenues during the years ended December 31:

 

    2020     2019  
Top Five Customers     33 %     41 %
Federal Agencies     4 %     12 %

 

The following table illustrates the level of concentration of the below two groups within accounts receivable as a percentage of total accounts receivable balance as of December 31:

 

    2020     2019  
Top Five Customers     89 %     83 %
Federal Agencies     10 %     17 %
Schedule of Computation of Loss Per Share

The following table illustrates our computation of loss per share for the years ended December 31:

 

    2020     2019  
Numerator:            
Net loss attributable to common shareholders   $ (17,584,710 )   $ (15,868,083 )
                 
Denominator for basic and diluted loss per share:                
Weighted average common shares outstanding     3,304,187       1,987,606  
                 
Loss per common share - basic and diluted   $ (5.32)     $ (7.98 )
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share

For all periods presented, the potentially dilutive securities were not included in the computation of diluted loss per share because these securities would have been anti-dilutive for the years ended December 31:

 

    2020     2019  
Stock options     1,355,901       1,396,302  
Convertible debt     4,474,868       2,351,493  
Common stock warrants     14,434,702       9,893,034  
Convertible preferred stock:                
Series D Convertible Preferred     25,000       25,000  
Series G Convertible Preferred     26,857       26,857  
Series H Convertible Preferred     33,334       33,334  
Series H2 Convertible Preferred     70,000       70,000  
Series J Convertible Preferred     115,267       115,267  
Series K Convertible Preferred     229,334       229,334  
Series AA Convertible Preferred     8,043,000       7,939,000  
      28,808,263       22,079,621  
Summary of Assumptions for Grants of Stock Options

The following table summarizes the assumptions we utilized for grants of stock options to the three sub-groups of our stock option recipients during the year ended December 31, 2019 (there were no option grants in the year ended December 31, 2020):

 

Assumptions   Non-Employee
Board Members
      CEO, other
Officers and Employees
 
Expected life     6.0(yrs )     6.0(yrs )
Expected volatility     150.07 %     150.07%-157.28 %
Risk-free interest rate     1.73 %     1.73%-1.79 %
Forfeiture rate     5.00 %     5.00 %
Expected dividend yield     0.0 %     0.0 %
Schedule of Stock Based Compensation Expense

The following table summarizes the effect of this stock-based compensation expense within each of the line items within our accompanying consolidated statements of operations for the years ended December 31:

 

    2020     2019  
Research and development   $ 141,202     $ 171,928  
Selling and marketing     34,142       86,319  
General and administrative     313,448       859,030  
Total stock-based compensation expense   $ 488,792     $ 1,117,277  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2020:

 

         

Fair value measurements at

December 31, 2020 using:

 
    December 31, 2020    

Quoted

prices in

active

markets

(Level 1)

   

Significant

other

observable

inputs

(Level 2)

   

Significant

unobservable

inputs

(Level 3)

 
Equity Securities   $ 517,001     $ 517,001               -                -  
Total Financial Assets   $ 517,001     $ 517,001     $ -     $ -  

 

The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2019:

 

         

Fair value measurements at

December 31, 2019 using:

 
    December 31, 2019    

Quoted

prices in

active

markets

(Level 1)

   

Significant

other

observable

inputs

(Level 2)

   

Significant

unobservable

inputs

(Level 3)

 
Equity Securities     16,643       16,643               -               -  
Total Financial Assets   $ 16,643     $ 16,643     $ -     $ -